Written by Charles Njoroge - Blo moderator
Source: Business Daily
The membership numbers are dwindling, yet Savings and Credit Co-operatives (Saccos) have been a force for good in a financial services sector characterised by competition, greed and loan “sharking”.
The rationale behind the formation of Saccos is simple — unity in diversity. The strength in numbers as constituted in Saccos has led to personal economic empowerment and financial freedom to many Kenyans. Individual employees or producers band together due to their common bond with several hundreds or thousands of others to mobilise savings, thereby forming a powerful economic movement.
This powerful weapon of solidarity ideally keeps loan sharks away while ensuring sound personal economic planning. Saccos philosophy hinges on the fact that well ordered economic life entails a balance between savings and spending. It involves doing away with desires and passions that conspire to advise — spend today, rather than save today. This movement is therefore a response to tying-up tomorrow to today.....................
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Njoroge is a Business Development and Microfinance Trainer.
2 comments:
Charles,
Thnak for speakiing on behalf of saccos. They need to shape up.
Charles,
The issue of saccos fits well into microfinance too. Am also not sure of teh future of microfinance. Hope sooner than later you will share with us your thoughts on the future of microfinance in kenya.
Liza
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